As a result, the planned vote of the party’s 150,000 members will not take place.
Before Mr Cameron can resign, he will see the Queen to tender his resignation, and advise her to call for the person she thinks is best placed to command the confidence of the House of Commons.
At a press conference, where he made the announcement, Mr Cameron said it is clear Theresa May has ‘the overwhelming support’ of Conservative Lawmakers, and that rival in the race, Andrea Leadsom, made the right decision to withdraw from the race, ending the Conservative Party’s leadership race.
Leadsom withdrew after a weekend uproar over comments she made suggesting that being a mother would be an advantage in the job.
It wasn’t clear whether the flap affected her decision to drop out. She said simply that she did not believe she had sufficient support within the party to remain in the race.